July 2018 Monthly Market Report July-Monthly-Market-Indicator
Monthly Indicators
July 2018
Quick Facts
Housing price bubble chatter has increased this summer, as market observers
attempt to predict the next residential real estate shift. It is too early to predict a
change from higher prices and lower inventory, but the common markers that
caused the last housing cooldown are present. Wages are up but not at the same
pace as home prices, leading to the kind of affordability concerns that can cause
fewer sales at lower prices. At the same time, demand is still outpacing what is
available for sale in many markets.
New Listings were up 7.6 percent to 541. Pending Sales increased 25.4 percent to
519. Inventory shrank 5.9 percent to 2,161 units.
Prices moved higher as Median Sales Price was up 2.8 percent to $298,158. Days
on Market decreased 17.8 percent to 125 days. Months Supply of Inventory was
down 18.0 percent to 5.0 months, indicating that demand increased relative to
supply.
Consumer spending on home goods and renovations are up, and more people are
entering the workforce. Employed people spending money is good for the housing
market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest
showing since 2014. Housing starts are down, but that is more reflective of low
supply than anything else. With a growing economy, solid lending practices and the
potential for improved inventory from new listing and building activity, market
balance is more likely than a bubble.
+ 1.0% + 2.8% - 18.0%
One-Year Change in
Closed Sales One-Year Change in
Median Sales Price One-Year Change in
Months Supply
A research tool provided by the Hilton Head Association of REALTORS®.
Percent changes are calculated using rounded figures.
Market Overview
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of List Price Received
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
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Current as of August 10, 2018. Data is Copyright © 2018 All Rights Reserved. MLS of Hilton Head Island. Provided by the Hilton Head Area Association of REALTORS® and South Carolina REALTORS®. Report © 2018 ShowingTime. | 1